(MENAFN) China's top train manufacturers, China CNR Corp. Limited and CSR Corp. Limited, confirmed that the two giants are merging soon to compete globally, Xinhua reported.
According to sources familiar with the matter, further details of the merger will be provided this weekend with the release of some important news by the state-owned firms.
The yet-to-come merger will help export China's high-speed railway technologies through preventing cutthroat competition between the two train-makers giants, analysts said.
The two companies have a combined market value of about USD30 billion based on the closing price before trading suspension. CNR's profits reached USD645 million in nine months, while CSR has yet to disclose its profits.
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